Developers Catering To Elderly Market

One of the fastest growing shelter markets for the rest of this century will be housing for the elderly, research by the National Association of Home Builders indicates.

In fact, the so-called super elderly -- those in their 70s and 80s and older -- are expected to be one of the fastest growing segments of the population.

Developers are scrambling to cash in on this growth market.

One of those is Oxford Development, a major national apartment developer.

''We're making a major commitment in this area,'' said Edward J. Kleiman, executive vice president of Oxford Development Enterprises Inc. Kleiman supervises Oxford developments throughout the state.

Previously, the company's business focus was primarily apartment development, but in recent years Oxford has gotten into business-park development as well as housing for the elderly.

Oxford, whose parent company is headquartered in Bethesda, Md., is taking a different approach with its senior citizen complexes. The developments are rental properties. Most other housing complexes for the elderly are for-sale properties or involve endowments.

The rental concept at Island Lake, Oxford's senior citizen complex on State Road 434 in Longwood, has gone over well, Kleiman said.

The youngest to move into the development is 65. The average age of tenants so far is in the high 70s, Kleiman said.

Island Lake is serving as a learning laboratory for Oxford.

''We're learning what works for this market,'' he said.

Residents are active. The monthly rental includes one meal a day and housekeeping services, provided by Morrison's, the cafeteria company. Morrison's also operates the social program, Kleiman said.

Yet to come is a 120-bed nursing home that will be incorporated into the complex. Kleiman said Island Lake residents may move to the nursing home during a period of sickness, then go back to their apartments after they recover.

''It's an extension of service,'' Kleiman said. ''This is a market that demands a number of services. It's a service business.''

Older persons with incomes in the $15,000 to $40,000 range are targeted as potential Island Lake residents.